HouseHold Direct.com Creates Internal Acquisition Management Group -- 8:28 AM EST
NEW YORK, Nov 9, 2000 /PRNewswire via COMTEX/ -- HouseHold Direct.com, Inc.
(OTC Bulletin Board: BYIT) -- HouseHold Direct announced today that it would create an internal acquisition management group, which will be headed by David
H. Beatty, to review and process the significant number of acquisition and other combination opportunities that are available to HouseHold Direct.
During recent months a significant number of Internet and e-commerce businesses have been forced to either shut down or file for protection under various provisions of the bankruptcy code, as a result of the shifting market forces in the capital markets. There are many other business operations that are seeking financing to continue or expand their current operations during a time when
access to capital has been reduced or otherwise restricted.
HouseHold Direct, with its recurring revenue cash flow model, offers unique possibilities to these enterprises. The Company will be in a position to assess
various technology and e-commerce applications in addition to the development of membership, product distribution and facilities infrastructure. Those Internet URLs that can contribute to market expansion and segmentation in specific
demographic spaces will also be reviewed and evaluated.
Mr. Beatty, the Chief Operating Officer of HouseHold Direct, will be adding personnel to support the expansion of this team. Because of his extensive Merger and Acquisition (M&A) experience, Mr. Beatty is uniquely qualified to lead the Company's operations "roll-up" strategy and to investigate and implement
synergistic opportunities for adding shareholder value. Mr. Beatty has participated, often in a lead role, in more than $500 million worth of acquisitions and divestitures in prior management positions with multi-billion
dollar corporations. His M&A and corporate strategy experience, in addition to his investment banking contacts, are expected to significantly impact the
financial, accounting, operations and legal requirements to successfully deliver new market opportunities to HouseHold Direct.
"The current capital market reality is a refocusing on revenue and earnings," states Mr. Beatty. "This creates a very exciting opportunity for HouseHold Direct to seek synergistic and profitable business relationships that we expect will add substantially to our shareholder value on a discounted acquisition/cost basis. We continue to be keenly aware, with our 'brick' business strategy, of
the importance for HouseHold Direct to be profitable in 2001. It is prudent for us to expend some corporate time and resources to achieve this objective through the formation of intelligent, strategic business relationships."
The mission of HouseHold Direct is to empower consumers by creating the largest and most powerful private wholesale consumer-buying network in the world. HouseHold Direct is pursuing a market consolidation strategy within the
wholesale membership industry through its "brick and click" shopping platform. Central to this strategy is the ability to offer direct manufacturer and distributor pricing, extensive information, merchandise expertise, fulfillment capabilities, in-home delivery and quality customer service to our members. This superior personalized shopping environment and consumer experience creates the ability to "live much better for much less."
Safe Harbor for Forward-Looking Statements: Except for historical information contained herein, the statements in this press release are forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Reform Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties, which may cause the company's actual results in future periods to differ materially from forecasted results. These risks and uncertainties include, among other things, product price volatility, product demand, market competition, risk inherent in the company's domestic and international operations, imprecision in estimating product reserves and the company's ability to replace and expand its holdings.
SOURCE HouseHold Direct.com, Inc.
CONTACT: HouseHold Direct.com, Inc., infohhd@householddirect.com;
or Investors - SmartStockAdvisor.com, 877-643-8821,
smartstockadvisor@yahoo.com
URL: householddirect.com
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